Reluctance to eliminate staff with the hope that business will turn around has been a driver of the multiple quarter stretch of industry losses, its latest study of mortgage lenders found.

The lender has shed nearly 80% of its expenses in the past year, in part through massive downsizing.

Both Keefe, Bruyette & Woods and BTIG believe the transaction — key to spinout of the mortgage business — will be completed despite the opposition of Sculptor founder Dan Och.

All six companies reported a shift on a quarter-to-quarter basis, and most were still off from a year ago.

BofA's fintech accelerator launch and Guaranteed Rate's new insurance offering via a brokerage spinoff are among the latest fintech stories.

The privately held company added a retail branch network and a $10 billion servicing portfolio — and is looking for more.

The fintech is reducing its sales and marketing expenses and promoting a healthy pipeline of consumer banking products, representatives said.

The company, which recently divested in the forward mortgage business and sold off its title services unit, reported a $222.5 million loss.

But its operating income missed estimates with servicing income and gain-on-sale margins coming in lower than expected.

The lender and servicer posted its highest pull-through weighted gain-on-sale margin in almost two years while recording modest production growth.